Electrification market: a tremendous growth potential
Electrification market represents 65% of the world cable market and is expected to grow by +4.3% per annum over the next 10 years driven by key growth trends:
- growing energy consumption,
- demand for sustainable energies,
- grid modernization and protection.
Electrification brings massive opportunities all along the value chain. In power generation and transmission, energy transition is set to feed demand for offshore wind and interconnection cables with projects getting more complex, with longer distance and greater depth. Electricity distribution requires additional investments, as grid is ageing, particularly in Europe and the US, which will feed growth. Finally, electricity usage in buildings also offer growth potential, notably to ensure safety and energy efficiency.